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In the default UK chart of accounts I have noticed that there are a lot of accounts prefixed by a letter.
Eg: A000 Fixed assets & C000 current liabilities. Are these control accounts which should not be used or is there some other explanation.
Another puzzling aspect is the number of default bank accounts. I have:
B040 Cash in hand & at bank. Contol account??
120000 Bank accounts
120001 Cash. Perhaps this one is for actual cash money (notes & coins) ?
120002 Bank. ?
So, the question is what are they all for & which ones should I be using?
Sorry but my knowledge of accounting principals & practise is sketchy at best.
I have searched in the community and online documentation but have found no clues.
Chart Of Account is a hierarchy of the account
so for example
100 Bank & Cash (View)
100.1. Bank A (Bank & Cheque)
100.2 Bank B (Bank & Cheque)
100.3 Cash GPB (Cash)
so in that example we have 100 Bank & Cash which we can see the summary of our Bank & Cash amount
what we really use in transaction is the Bank A, Bank B, or Cash
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|Asked: 9/11/15, 4:43 AM|
|Seen: 758 times|
|Last updated: 9/13/15, 4:31 PM|